July Homes Sold in the Carson Valley – How’s It Looking?

How many homes sold in the Carson Valley in July 2009?

Courtesy of TravelNevada - Flickr.com

Well, today is only Wednesday, July 29th, so the official numbers are still 2 days away, but…whenever it gets to be the last few days of the month, I start itching to pull the Homes Sold in the Carson Valley so I can see how the monthly sales and determine if we’re on track. Here’s how July is shaping up in the Minden and Gardnerville area:

As of July 29th, here are some market indicators:

42 homes have sold in July 2009

Average asking price is $392,629

Average selling price is $363,376

Median sales price is $247,750

Average days on market is 188

So what can we glean from these numbers you ask? Well, here are the June 2009 sales numbers:

56 homes sold in June 2009 (full month)

Average asking price was $362,924

Average selling price was $343,345

Median sales price was $243,500

Average days on market was 250

This data supports a ‘gut feeling’ I’ve had about the Carson Valley Nevada Housing Market for about 6 weeks. Lower end homes are selling with multiple offers and are selling quickly. They are selling for more than the listing price, which is driving up prices in a very competitive market segment.

Since less expensive housing is harder to come by and more competitive, the middle market, which we call the $250,000 – $500,000 price range, is starting to see some movement. It’s harder now to buy a house for under $250,000 in the Carson Valley area, so buyers have two choices. One is to buy a more expensive house if they can qualify, and the other is not to buy. Our lower end market has definitely shifted from a buyer’s market to a seller’s market.

Will this trend last? We’ve received 4 new REO properties in the last 10 days. The second wave is coming and will prolong the bumpy ride for another 2 years, in my opinion. However, if the buyers today plan to stay in their homes for 5-7 years (as they should at a minimum) they should ignore the immediate market fluctuations and enjoy the homeownership that has become affordable for the first time in a long time in the Carson Valley area.

(Data provided courtesy of the Northern Nevada Multiple Listing Service and covers Area 300 whicih is comprised of Gardnerville, Minden, Genoa and outlying Carson Valley areas.)